Australia's Paradigm Biopharma surges on FDA fast-track nod for arthritis drug

Paradigm Biopharmaceuticals

12/04/2022 03:44

** Shares of drug development company Paradigm
Biopharmaceuticals  PAR.AX  rise as much as 38% to A$1.600,
their biggest intraday pct jump since Dec 2018
    ** Co says https://app.sharelinktechnologies.com/announcement/asx/9a9a566b308c87621769224c498ec7ea
 U.S. Food and Drug Administration (FDA) granted fast-track
designation for co's phase 3 programme investigating Pentosan
Polysulfate Sodium (PPS) for treating Osteoarthritis (OA)
    ** Adds that FDA acknowledges potential for PPS to offer
treatment for OA
    ** Stock hits its highest level since Jan 21; set for a
fourth straight session of gains
    ** More than 1 mln shares change hands, vs the 30-day
average volume of 747,394
    ** Stock down 38.5% this year, as of last close

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))